Modern Slavery Act
1 March 2022
Annual slavery and human trafficking statement – Modern Slavery Act 2015.
Benefact Group statement for 2021
The Benefact Group is committed to preventing acts of modern slavery and human trafficking from occurring within both its business and supply chains, and expects those same high standards from its suppliers.
Opening statement from senior management
“Increasing scrutiny of supply chains is good for business. It ensures businesses are fully aware of exactly who they are working with and how they are conducting themselves and it gives consumers the confidence that the business community is collectively setting higher standards. We expect high standards of responsible business from our own business and we expect no less from the partners we choose to work with. We’re committed to continually improve the standards and practice in our supply chains.”
Mark Hews, Group Chief Executive
Structure of organisation
Benefact Group is a specialist financial services group providing insurance, broking and advisory and investment products and services. The business is predominantly UK-based with overseas operations in Canada, Australia and Ireland. Over 1,500 people are directly employed.
In 2020 the Group reported a loss before tax of £15.7m. Find out more about our business and the Benefact Group.
Our UK supply chain is managed centrally by a team of procurement specialists within our Finance and Claims departments. Supply chain relationships for our overseas businesses are managed locally.
Policies, due diligence and risk
The Benefact Group expects and requires that each of its suppliers conduct business in a lawful and ethical manner. We have a Procurement, Purchasing and Outsourcing Policy which we adhere to in order to ensure all suppliers, whether they are being centrally or locally managed, go through the appropriate checks and scrutiny so that they are aware of and subscribe to our expectations, standards and procedures.
Specifically relevant to our compliance with the Code we:
- Include modern slavery risk as part of due diligence at renewal for all relevant suppliers
- Specifically include modern slavery risk as part of due diligence for all UK Claims suppliers
- Ask new suppliers if they match our commitment to pay the Living Wage.
And in our responsible and sustainable investment business EdenTree, we:
- Continue to include ‘Human Rights’ and ‘Employment & Labour’ as two of our key responsibility/ESG criteria.
- Supported a range of initiatives to influence business behaviour. This included signing a collaborative letter sent in association with the Anti-Slavery Commissioner to a number of companies regarding their Modern Slavery Statements and signing an investor statement supporting Modern Slavery legislation in Canada.
As a provider of financial services we do not operate in a sector which we consider to be particularly susceptible to modern slavery practices such as forced labour or exploitation for example, nor do we purchase goods or services from organisations which we would associate with modern slavery or human trafficking.
Nevertheless, we regularly evaluate the nature and extent of our exposure to risk in our supply chain and modern slavery will be included in that evaluation going forward.
This statement is made in accordance with Section 54(1) of the Modern Slavery Act 2015 and constitutes the Benefact Group’s slavery and human trafficking statement for the financial year commencing 1 January 2021 and ending 31 December 2021.
Group Chief Executive